I actually liked Event Horizon (or "EH" as all of its 3 fans refer to it as) the first time I saw it. But when I saw it again a year or so later, I noticed that a lot of the "scares" were actually pretty cheap. for example, in the beginning of the flick, Sam Neill opens those Shutters Of Doom. And the whole "escape before the ship blows up" routine was pretty standard. Couple that with a really weak ending, and it comes out a loser.
I did like the design of the ship, however. Creepiest space ship since the Nostromo.